|By Marketwired .||
|June 20, 2014 10:30 AM EDT||
FAIRFIELD, NJ -- (Marketwired) -- 06/20/14 -- Bergio International, Inc. (OTCQB: BRGO) ("Bergio" or the "Company") announces several updates.
During the period of May 30 to June 2, 2014, Bergio attended the JCK Las Vegas Jewelry Show. Bergio developed a private label program to be sold exclusively for wholesalers and small chain retailers. The first order under such program was received for one of the Company's newest designs and the newest additions to the Company's bridal collection. The Company's sales for bridal pieces exceeded its sales for fashion pieces this year.
After several meetings and deliberation, management decided to end negotiation with a large wholesaler for the better interest of the shareholders and the company. This deal would have negatively affected the shareholders and was thus halted.
The first Bergio store is progressing as planned without delays, with an opening date scheduled for October of this year. Construction is under way at this time, and the Company is very excited at the prospect of its first brick-and-mortar establishment.
Berge Abajian, CEO of Bergio, stated, "We did not anticipate our sales numbers for the Las Vegas show, although we were able to change course and persuade a private label program with several wholesalers and chain stores in order to create sales."
He continued, "I have been asked by many shareholders about the Faccia a Faccia collection, as well as others. Management decided that, going forward, our higher-end products will only be sold in our own retail stores, because we were unable to find the right partner to protect the design's intellectual property while properly promoting the product. By selling through our own boutique, growth may be slower but, in the long run, is anticipated to benefit the Company and better the brand name. Our changes to the Company's direction are intended to help the Company recognize faster revenues and gross margins for the investments made."
He added, "Investing a large amount of money in manufacturing for sale to large wholesalers, which we have tried in the past, puts undue financial stress on the Company and its shareholder, given the relatively low profit margin, with such output generally failing to justify the gross margins on these orders. We believe that by selling directly to customers, the Company will realize improved gross margins."
He concluded, "I know shareholders want a faster return and I understand the frustration of the stock price, but I would like to assure them that the company is in great financial health. Due to industry changes, Bergio is currently fine-tuning and adjusting itself in order to reap the fruits of the future."
About Bergio International, Inc.
Bergio International, Inc. is a leading jeweler creating a diversified jewelry designer and manufacturer through acquisitions and consolidation in the estimated $160 billion a year highly fragmented independently owned jewelry industry. Bergio currently sells its jewelry to approximately 50 jewelry retailers across the United States. Bergio has manufacturing control over its line through its manufacturing facility in New Jersey, as well as subcontracts with facilities in the United States and Italy.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Bergio International, Inc.